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Banking fragility rooted in justice failures Evidence from Ukraine
Policy Contribution

Why it feels different

15 September 2009

Why it feels different

Many commentators have recently argued that Germany should rethink its export-led growth model because it did not prevent a fall in its GDP, which was even larger than that experienced in the US or France. In this Commentary, CEPS Director Daniel Gros explores whether this model is truly so bad if it has allowed Germany to carry on consuming while consumers elsewhere have had to tighten their belt considerably.

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Why it feels different
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